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Like many since the financial crash, our client came to us in a position where they could no longer manage to repay their mortgage due to the continuing and difficult financial situation they were in. With an outstanding balance of £120,000 on the mortgage, the property was found to be in severe negative equity after having been valued at £55,000.
A pressuring mortgage shortfall would cause concern for many, and with a residual debt as monumental as £65,000, our Client was particularly stressed. Seeking our advice and expertise, our team engaged with the mortgage company to permit the consensual sale of the property, enabling a maximum return to reduce the deficit. After the sale of the property the shortfall of £65,000 was negotiated down to a manageable sum of £6,500 in a full and final settlement.
Considering the monumental crystalised debt, our Client was thrilled to settle at 10% of its value, a value to them which was affordable to conclude the matter. With the debt successfully settled our client avoided bankruptcy but more importantly they achieved peace of mind with a fresh start.